Start the new year by moving into your own cozy cottage in Bartow. This three bedroom one bath home sits in an established neighborhood with mature trees and Florida style landscaping, just a short drive from the Polk County courthouse and downtown offices and roughly twenty minutes from Lakeland. It offers the slower pace of small town living while keeping you close to shopping, dining and entertainment along East Van Fleet Drive and North Broadway Avenue. Inside, wood floors in the main living areas and bedrooms give the home a warm, inviting feel. The three bedrooms are similar in size, which makes the layout flexible for sleeping space, a home office or guest room. The bathroom features a practical shower design suited to everyday use. A separate utility and mud room with its own exterior entrance keeps laundry, storage and everyday items out of the main living area and adds useful space. Outside, the home sits back from the street with a fenced portion of the vast front yard and a deep backyard that can be enjoyed as a garden, play and relaxation area or a place for outdoor gatherings. There is NO HOA so you have more freedom to use the yard. The location combines everyday convenience with a quieter setting. Publix, Walmart and other national retailers, local restaurants, coffee shops and service businesses are all only a few minutes away, along with the courthouse and other Polk County offices. Lakeland is approximately twelve miles from the property, providing additional employment, shopping and dining options while you still return home to a smaller community at the end of the day. If your goal this year is to shorten your commute, enjoy an established neighborhood and own a home with real yard space at an attainable price, this Bartow cottage is worth a closer look.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
